Can the altcoins rise against the sharp growth of Bitcoin (BTC)?
|The new week has begun with the continued rise of the market as most of the assets remain green. Solana (SOL) is the exception to the rule, decreasing by 4%.
Top coins by CoinMarketCap
BTC/USD
At the end of last week, the Bitcoin price consolidated in a sideways range with the support at $48,500. On Sunday, the bears managed to pierce this support level several times. But the Bitcoin (BTC) price did not fall below $48,000, immediately returning to the sideways corridor.
BTC/USD chart by TradingView
Buyers formed a bullish impulse tonight, which broke through the psychological level of $50,000 and, in the morning, marked a new August high of $50,438.
This summer, the price of BTC returned above $50,000 for the first time. This week, the growth may continue to the area of $51,500. Along with this, an increase in sales is to be expected soon. This might lead to a reversal of the pair in a pullback and a decline in price to the support of $48,000.
Bitcoin is trading at $50,256 at press time.
ADA/USD
Cardano (ADA) is the biggest gainer from today's list, going up by almost 8% since yesterday.
ADA/USD chart by TradingView
Cardano (ADA) keeps rising after setting a new peak on the daily chart. The trading volume is going down, which means that traders are accumulating power for a possible further price rise.
Now, the more likely price action is trading in the range around $2.72 before a rise to the psychological level of $3.
Cardano is trading at $2.82 at press time.
LTC/USD
The rate of Litecoin (LTC) is almost unchanged since yesterday. The price rise has accounted for only +0.53%.
LTC/USD chart by TradingView
Litecoin (LTC) has absorbed the fall from the local low at $162, which confirms the bulls' power. If the daily candle closes near the resistance at $189, one may consider a breakout and rise to the closest level at $200. The low buying trading volume supports this bullish mood.
Litecoin is trading at $189.10 at press time.
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